Intrawest Commits to Sell Vacation Club Business for $85 Million

DENVER--(BUSINESS WIRE)--Intrawest Resorts Holdings, Inc. (NYSE:SNOW), a leading North
American mountain resort and adventure company, today announced that it
has entered into a definitive agreement to sell Intrawest Resort Club
Group (“IRCG”), its vacation club business, to Diamond Resorts
International, Inc. (NYSE: DRII) for $85 million, subject to certain
closing adjustments. The transaction is expected to be completed by the
end of the first quarter of calendar year 2016 and is subject to certain
closing conditions.

“We are excited to enter into this agreement and believe this
transaction creates meaningful value for our shareholders as it better
positions Intrawest for greater long-term growth,” stated Tom Marano,
Chief Executive Officer of Intrawest Resorts. “With the additional cash
from this transaction, we are well positioned to continue driving
organic growth at our mountain resort and adventure businesses while
also actively pursuing strategic acquisitions and evaluating
opportunities to unlock the value of our real estate holdings over time.”

“We are committed to working closely with Diamond to execute a seamless
transaction and look forward to a long-term relationship with Diamond
that we believe will benefit club members and our resorts alike,”
continued Mr. Marano. “We are confident that IRCG will thrive at
Diamond, with its network of more than 350 worldwide vacation
destinations and focus on delivering consistent quality and personalized
service, and we believe members will benefit tremendously.”

IRCG develops, sells interests in, and manages a points-based timeshare
vacation club called Club Intrawest. The transaction includes the
management contracts with Club Intrawest, the current balance of notes
receivable, approximately four acres of undeveloped land, and the
current balance of points available for sale. Club Intrawest consists of
nine resorts, including locations at the Company’s Mont Tremblant in
Quebec and Blue Mountain in Ontario.

Intrawest is a North American mountain resort and adventure company,
delivering distinctive vacation and travel experiences to its customers
for over three decades. The Company wholly owns six four-season mountain
resorts with approximately 8,000 skiable acres and over 1,130 acres of
land available for real estate development. Intrawest’s mountain resorts
are geographically diversified across most of North America’s major ski
regions, including the Eastern United States, the Rocky Mountains, and
Canada. The Company also operates an adventure travel business, the
cornerstone of which is Canadian Mountain Holidays, a leading
heli-skiing adventure company in North America. Additionally, the
Company operates a comprehensive real estate business through which it
manages, markets and sells vacation club properties; manages condominium
hotel properties; and sells and markets residential real estate.
Intrawest Resorts Holdings, Inc. common stock is traded on the New York
Stock Exchange (NYSE: SNOW). For more information, visit www.intrawest.com.

Forward-Looking Statements

This press release includes “forward - looking statements” within the
meaning of the “safe harbor” provisions of the United States Private
Securities Litigation Reform Act of 1995. Forward-looking statements may
be identified by the use of words such as “anticipate”, “believe”,
“intend”, “expect”, “estimate”, “plan”, “outlook” and “project” and
other similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. We have based
these forward-looking statements largely on our current expectations and
projections about future events and trends that we believe may affect
our financial condition, results of operations, business strategy,
short-term and long-term business operations and objectives, and
financial needs. These forward-looking statements are subject to a
number of risks, uncertainties and assumptions, including weakness in
general economic conditions; lack of adequate snowfall and unfavorable
weather conditions; adverse events that occur during our peak operating
periods; our failure to achieve the expected benefits of our recent
acquisition and other risks associated with our acquisition strategy;
Steamboat Ski & Resort's dependence on subsidized direct air service;
risks related to information technology; our potential failure to
maintain the integrity of our customer or employee data; risks of
foreign currency fluctuations which could reduce the U.S. dollar value
of our Canadian earnings; adverse consequences of ongoing legacy
litigation or future legal claims; our ability to monetize real estate
assets; a partial or complete loss of Alpine Helicopters’ services; the
effects of climate change on our business operations; our ability to
maintain effective internal control over financial reporting; our
substantial leverage, which could adversely affect our ability to raise
additional capital to support our growth strategy; risks associated with
Fortress’s ownership of a majority of our outstanding common stock and
other risks described under the caption “Risk Factors” in Part I - Item
1A., “Risk Factors” in our Annual Report on Form 10-K for the period
ended June 30, 2015, filed with the Securities and Exchange Commission
(“SEC”) on September 9, 2015, as may be revised in our future SEC
filings. We operate in a competitive and rapidly changing environment.
New risks emerge from time to time. It is not possible for our
management to predict all risks, nor can we assess the impact of all
factors on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ materially
from those contained in any forward-looking statements we may make. In
light of these risks, uncertainties and assumptions, the future events
and trends discussed in this release may not occur and actual results
could differ materially and adversely from those anticipated or implied
in the forward-looking statements. We undertake no obligation to revise
or publicly release the results of any revision to these forward-looking
statements, except as required by law. Given these risks and
uncertainties, readers are cautioned not to place undue reliance on such
forward-looking statements.